The founder of the Tron crypto project, businessman Justin Sun, popular in the crypto community, is manipulating the Bitcoin rate. The authors of the X-channel WhaleWire came to this conclusion.
WhaleWire believes that Justin Sun is buying bitcoins using the Tether (USDT) stablecoins “freshly printed” on the Tron network. We are talking about coins that are being put up for sale due to an outflow of funds from the cryptocurrency exchange-traded fund (ETF) market.
🚨 #BITCOIN PRICE MANIPULATION 🐋
The Bitcoin cartel, working behind the curtains to rig the prices, is deeply concerned about the growing BTC ETF outflows. If this selling pressure continues, it will completely destabilize and melt the markets.
GBTC witnessed withdrawals of… pic.twitter.com/IcmkBuugkn
— WhaleWire (@WhaleWire) January 24, 2024
The authors called the businessman and other manipulators a “bitcoin cartel,” whose underground work makes adjustments to the behavior of the most capitalized cryptocurrency. WhaleWire believes that cartel members are concerned about the outflow of funds from the Bitcoin ETF market. The focus was on Grayscale’s GBTC fund.
Let us recall that earlier information appeared on the network that the FTX crypto exchange, which collapsed in November 2022, sold GBTC shares for $1 billion. Bloomberg analyst James Seyffart believes that DCG may also be behind the outflow of capital from the fund.
The WhaleWire team noticed the printing of $647.1 million worth of Tether stablecoins on the Tron network on the day they recorded an outflow of funds from GBTC for the same amount. The funds, according to the channel’s authors, were sent to Justin Sun.
Justin Sun does not hide that he is buying back bitcoins that were released from the Grayscale fund.
The WhaleWire team considers Sun’s actions to be outright fraud.
“Now they don’t even try to hide the fraud because they know that regulators are dozing off, and short-sighted Bitcoin investors will turn a blind eye to it,” the authors of the post write.
In this way, Justin Sun can contain the fall of Bitcoin. At the same time, the BTC rate, in this case, becomes artificial. Let us remind you that the businessman is considered the owner of the popular crypto exchange Huobi. In 2023, reports appeared online that the trading platform was in big trouble.
Sun Was Suspected of Secretly Purchasing TUSD Stablecoins
This is not the first time Justin Sun has been accused of market manipulation. In July 2023, he was suspected of secretly purchasing TUSD stablecoins. Later, in December 2023, SHIB investors came under pressure due to Sun’s actions. Previously, Archblock’s founder said in a lawsuit that Sun had secretly purchased large amounts of True (TUSD) stablecoins. In the lawsuit, he alleges that Sun exploited a variety of entities and individuals while concealing his own role in the purchases.
It is also noted that Sun asked not to disclose the details of transactions for the acquisition of coins and to maintain their confidentiality. Members of the crypto community considered this a bitter irony, given that transparency should be a fundamental principle of the digital industry. This is not the first time that Tron project founder Justin Sun has encountered rumors and speculation that he is the secret owner of the TUSD stablecoin reserves. Both Sun and TrueUSD separately denied the allegations.
